|
|
Home > LAWYERS > Taxation > Income Tax |
The author has, in this book, presented the basic principles of the law of income tax in an easily understandable styleher exposition logical and her analysis orderly. A beginner to the subject will find it very easy to grasp and master this difficult subject. Copious headings and sub-headings have been given. Simple terminology has been used and examples have been given, wherever necessary. Some test problems have also been given in the book along with their solutions.
Since, the work is primarily meant for students, the subject has been dealt topic-wise, a method which is conducive to the better understanding of a bulky legislation like the Income Tax Act and the Rules framed thereunder. Care has been taken to make the book useful for students of Law, B.Com., Chartered Accountancy, I.C.W.A. and Company Secretaryship.
General 1 Principles of Taxation 2 Methods of Taxation 3 Classification of Taxation 5 Incidence of Taxation 6 Constitutional Provisions 6 Fundamental Rights and Taxing Power 7 Tax and Fee 8 Finance Act and Taxation Laws (Amendment) Act 12 Income Tax 13 Income Tax Act, 1961 14
General 16 Income 16 Some general principles 19 Agricultural Income 20 Rent or revenue derived from land used for agricultural purposes 21 Income from products 24 Income from building 24 Some other Definitions 26 Previous Year (Section 3) 28 Previous Years of Partners in a Firm 31 Different Previous Years [Section 3(3)] 32 Change of Previous Year [Section 3(4)] 33 Capital and Revenue 34 Immaterial Considerations 37 Illustrative cases of Revenue Receipts 37 Illustrative cases of capital receipts 37 Capital and Revenue Expenditure 38
General 41 Individuals 42 Hindu Undivided Family or Other Association of Persons 45 Company 46 Every Other Person [Section 6(4)] 47 Same Residential Status for all Sources of Income 48
Basis of Charge 50 Scope of Total Income 52 Assessment of residents, i.e. who are ordinarily resident [Section 5(1)] 53 Assessment of residents who are not ordinarily resident 53 Assessment of non-residents 53 Received or deemed to be received 54 Accrue or arise or is deemed to accrue or arise 55 Accrue or arise outside India 57 Incomes which do not form part of Total Income 58 Incomes which are Exempt under Section 10 59
General 77 Essential Conditions 77 Income from property held under trust or other obligation 78 Charitable or religious purpose 79 Assessment of Trust or Institution Established for Charitable or Religious Purposes 83 Application of capital gains 85 Accumulation 86 Voluntary Contributions 87 Income not Exempted 87 Income deemed to have been used for the benefit of Author, etc. 89 Income of political parties (Section 13A) 91
General 92 Salary 93 Fees, Commissions, Perquisites or Profits 95 Profits in lieu of Salary 102 Exemptions 103 House Rent Allowance 103 Deductions from salary 104 Interest on Securities 106 Deductions 109 Income from House Property 110 Let out residential building 113 Self-Occupied Property 115 Annual value when the self-occupied house remains vacant 116 Permissible deductions 117 Amounts not deductible 119 Loss under this head 120
Profits and Gains of Business or Profession 121 Profits and Gains 123 Compensation 123 Computation of Income from Profits and Gains of Business or Profession 124 Deductions 124 Expressly allowed deductions 126 Expenses for premises 126 Expenses for machinery, etc. 127 Depreciation 127 Development Rebate (Section 33) 138 Investment allowance (Section 32A) 143 Development allowance (Section 33A) 146 Rehabilitation allowance (Section 33B) 148 Expenditure on Scientific Research (Section 35) 149 Expenditure on acquisition of patent rights or copy-rights (Section 35A) 150 Export market development allowance (Section 35B) 151 Agricultural development allowance (Section 35C) 153 Rural development allowance (Section 35CC) 153 Payments to associations and institutions for carrying out Rural Development Programmes (Section 35CCA) 154 Amortisation of certain preliminary expenses (Section 35D) 154 Expenditure on prospecting, etc. of specified minerals (Section 35E) 155 Other deductions (Section 36) 156 General deductions (Section 37) 159 Some illustrations of expenditure allowed under Section 37 160 Expenses disallowed 160 Expenses expressly disallowed (Section 40) 162 Expenses not deductible under certain circumstances (Section 40A) 163 Profits chargeable to tax (Section 41) 164
Capital Gains 166 Capital Asset 166 No transfers 168 Mode of computation (Section 48) 169 Determination of Cost of Acquisition 169 Cost of Acquisition [Section 55(2)] 171 Definition of 'Cost of Improvement' (Section 55(1)(b)] 172 Consideration in cases of understatement 173 Capital gains which are exempt from tax 173 Reference to Valuation Officer 178 Income from Other Sources 178 Deductions 179 Amounts not deductible 179 Profits chargeable to tax 180
General 181 Aggregation of Income 181 Incomes forming part of total income on which tax is not payable 184 Relief when salary, etc. is paid in arrears or in advance 185 Income of other persons included in the assessee's total income 185 Transfer of income without transfer of assets (Section 60) 185 Revocable transfer of assets (Sections 61 to 63) 186 Income of individual to include income of spouse, minor child, etc. 187 Recovery of tax (Section 65) 192 Set off or carry forward and set off of losses 192 Set off of losses 192 Carry forward and set off 194 Business losses (Section 72) 194 Losses in speculation business (Section 73) 196 Losses under the head 'Capital Gains' (Section 74) 196 Losses from certain specified sources (Section 74A) 197 Losses of registered firm (Sections 75 and 76) 197 Losses of unregistered firm or their partners (Section 77) 198 Losses in the case of change in constitution of firm or on succession (Section 78) 198 Carry forward and set off in the case of certain Companies (Section 79) 198 Deductions to be made in computing total income 199 Deductions in respect of life insurance premia, contribution to P.F., etc., (Section 80C) 199 Deduction in respect of investment in certain new shares (Section 80CC) 201 Deduction in respect of medical treatment (Section 80D) 201 Deduction in respect of payment for securing retirement annuities (Section 80E) 201 Deduction in respect of educational expenses in certain cases (Section 80F) 202 Deduction in respect of expenses on higher education (Section 80FF) 202 Deduction in respect of donations to certain funds and charitable institutions (Section 80G) 202 Deduction in respect of rents paid (Section 80GG) 203 Deduction in respect of certain donations for scientific or rural development (Section 80GGA) 203 Deduction in respect of profits and gains from newly established industrial undertakings or hotel business (Section 80HH) 204 Deduction in respect of profits and gains from newly established small-scale industrial undertaking in certain areas (Section 80HHA) 204 Deduction in respect of profits and gains from industrial undertakings after a certain date (Section 80I) 205 Deduction in respect of profits and gains from newly established industrial undertakings, ships or hotel business in certain cases (Section 80J) 206 Deduction in respect of profits of livestock breeding or poultry or dairy farming (Section 80JJ) 206 Deductions in respect of profits and gains from business of growing mushrooms (Section 80JJA) 206 Deductions in respect of certain dividends (Section 80K) 207 Deductions in respect of certain securities, etc. (Section 80L) 207 Deduction in respect of certain intercorporate dividend (Section 80M) 208 Deduction in the case of an Indian company in respect of royalties, etc. (Section 80MM) 208 Deduction in respect of dividends received from certain foreign companies (Section 80N) 208 Deduction in respect of royalties, etc. from certain foreign enterprises (Section 80O) 208 Deduction in respect of income of co-operative societies (Section 80P) 209 Deduction in respect of profits and gains from the business of publication of books (Section 80QQ) 209 Deduction in respect of professional income of authors of textbooks in Indian language (Section 80QQA) 210 Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc. (Section 80R) 210 Deduction in respect of professional income from foreign sources in certain cases (Section 80RR) 210 Deduction in respect of remuneration received for services rendered outside India (Section 80RRA) 210 Deduction in respect of compensation for termination of managing agency (Section 80S) 211 Deduction in respect of long term capital gains (Section 80T) 211 Deduction in respect of winnings from lotteries (Section 80TT) 211 Deductions in the case of totally blind or physically handicapped resident persons (Section 80U) 212 Deduction of interest on moneys borrowed to pay taxes (Section 80V) 212 Deduction in respect of expenses in connection with certain proceedings under the Act (Section 80VV) 212
Liability in Special Cases 213 Legal representative (Section 159) 213 Representative assessee 213 Agent of non-resident person 215 Executors (Section 168) 219 Succession to business or profession otherwise than on death (Section 170) 219 Assessment of HUF (Section 171) 220 Assessment of non-residents on income from shipping business (Section 172) 222 Persons leaving India (Section 174) 223 Persons trying to alienate assets (Section 175) 223 Discontinuance of business or dissolution (Section 176) 223 Association dissolved or business discontinued (Section 177) 224 Assessment of firms 225 Registration of firms 226 Application for registration (Section 184) 226 Procedure (Section 185) 227 Cancellation of Registration (Section 186) 228 Assessment of registered firm (Section 182) 229 Assessment of unregistered firm (Section 183) 229 Change in constitution of firm (Section 187) 230 Succession of one firm by another firm (Section 188) 230 Firm dissolved or business discontinued (Section 189) 231
Income Tax Authorities 232 Powers 234 Assessment Procedure 240 Filing of return (Section 139) 240 Permanent Account Number (Section 139A) 243 Assessment 244 Time limit of completing assessment or reassessment 253 Rectification of mistake (Section 154) 254 Other amendments (Section 155) 254 Notice of demand (Section 156) 257
Settlement of Cases 258 Income Tax Settlement Commission 258 Appeals 262 Appeal to Appellate Tribunal 266 Reference to High Court 267 Appeal to Supreme Court 268 Revision by the Commissioner 268 Orders prejudicial to Revenue 268 Other orders 269
Collection of Tax 270 Deduction of tax at source 270 Advance payment of tax 272 Recovery of Tax 274 Period for commencing recovery proceedings 275 Refunds 276 Penalties Imposable 276 Offences and Prosecutions 278 Acquisition of Immovable Property in Certain Cases 278 Tax Credit Certificate 280 Double Taxation Relief 280 Special Provisions Relating to Avoidance of Tax (Sections 92 to 94) 281 APPENDIX A-ANSWERS TO PROBLEMS 283 APPENDIX B-REVISION QUESTIONS 288 BIBLIOGRAPHY 282 ERRATA 299 SUBJECT INDEX 301
|
||
|
||
|